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A car loan broker can find you a lender and help you apply for a car loan, saving you both time and money. They can also lend you some expertise if you’re new to getting an auto loan. But you should still do your research to make sure you’re working with someone you trust.
There are a few key differences between a car loan broker and a car lender. The car lender, such as a bank or standalone financier, is able to provide car finance directly through their branches. A car loan broker goes between banks and car lenders to find a loan that will meet your needs.
A lender can only offer you the products that it has whereas a car loan broker is able to pick and choose the loans it’s able to suggest. Car loan brokers sift through the lenders for you instead of you having to go to multiple lenders to get quotes.
There are a variety of benefits that come with using a car loan broker.
It can be tough choosing a car loan broker, but it’s important to consider whether or not they meet your needs.
The most important thing to know is to make sure that your broker is acting within the law by having a provincial license if it’s required. Check with your province’s department/ministry tasked with regulating vehicle sales. Below is a list of such organizations:
|Province||Auto Sales Regulatory Body|
|Alberta||Alberta Motor Vehicle Industry Council (AMVIC)|
|British Columbia||Vehicle Sales Authority (VSA)|
|Manitoba||Manitoba Motor Dealers Association (MMDA) – New Car Dealerships|
Manitoba Used Car Dealers Associatin (MUCDA) – Used Car Dealerships
|New Brunswick||Department of Public Safety – Motor Vehicle Branch|
|Newfoundland & Labrador||Government of Newfoundland and Labrador|
|Nova Scotia||Government of Nova Scotia|
|Ontario||Ontario Motor Vehicle Industry Council (OMVIC)|
|Prince Edward Island||Government of Prince Edward Island|
|Quebec||Société de l’assurance automobile du Québec (SAAQ)|
|Saskatchewan||Financial and Consumer Affairs Authority of Saskatchewan (FCAA)|
Also keep in mind that a car loan broker should be transparent with its fees. It is important to ask what loans a broker offers, who it works with and if it charges a fee for its services.
Getting all the right information is vital in making your decision, so it’s okay to ask questions before agreeing to go with a car loan broker. Making a wish list of your loan requirements can also help as you can show the loan broker what you’re looking for.
There are a few risks to using an online broker. For example, you may not be approved for a loan despite following the broker’s instructions and filling out the form properly. This can be tough as you have done the legwork and received no reward for it.
There is also the potential risk of being approved for a loan but it’s not the amount that you need. Keep this in mind when you apply.
Another aspect to keep in mind is that the loan the broker is pushing may work out better for the broker than you, whether that is because of a higher commission rate or a higher fee that it charges you. These possibilities are something to keep in mind when deciding whether or not you want to go with a car loan broker.
There are a few easy steps to completing an application with a car loan broker.
Here’s what you’ll need to submit as part of your application:
You’ll also have to provide information about the car you’d like to buy and the person or company selling it (if you’ve chosen your vehicle).
The more complete your application, the better your chances of getting it approved. Online brokers work with a variety of lenders, so they’ll help you cast a wide net by highlighting the strongest aspects of your application.
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When it comes to financing your next car purchase, an online car loan broker can be a great option if you want to avoid filling out multiple applications and waiting to hear back from each individual lender. Make sure to conduct a thorough check on the broker you choose, and don’t forget to compare your other car loan options.
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